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Unit 21
| Term | Definition |
|---|---|
| Abstract of Title | The condensed history of a title to a particular parcel of real estate |
| Actual Notice | Express information or fact; that which is known; actual knowledge |
| Affidavit | A written statement sworn to before an officer who is authorized to administer an oath or affirmation |
| Arrears | The opposite of "in advance", payment after the service has ended |
| Attorney's Opinion of Title | A detailed examination, the attorney must then evaluate all the facts and material to write a report for the purchaser on the condition of ownership |
| Caveat Emptor | A latin phrase meaning "Let the buyer beware" |
| Chain of Title | A statement of opinion of title status on a parcel of real property based on an examination of specified public records |
| Closing Disclosure | The statement of final loan terms and closing costs; is compared to the Loan Estimate (LE) |
| Constructive Notice | Notice given to the world by recorded documents. Occupation of property is also considered as giving constructive notice |
| Credit | On a closing statement, an amount entered in a person's favor that the person has already paid, an amount that the party must be reimbursed for |
| Debit | A charge, an amount that the party being debited owes and must pay at the closing |
| Escrow Closing | The closing of a transaction through a third party called an escrow agent. Also can refer to earnest money deposits or to mortgagees trust account for insurance and tax payments |
| Evidence of Title | Proof of ownership of property; commonly a certificate of title, a tite insurance policy, an abstract of title with lawyers opinion, or a Torrens registration certificate |
| Marketable Title | Good or clear title reasonably free from the risk of litigation over possible defects |
| Proration | Expenses, either prepaid or paid in arrears, that are divided or distributed between buyer and seller at the closing |
| Public Records | County's collection of documents relating to real estate |
| Real Estate Settlement Procedures Act (RESPA) | Federal law regulating real estate closing |
| Realty Transfer Fee | A seller fee, a prerequisite for recording the deed. Funds are shared between state and county, generally used for neighborhood revitalization, shore protection, and the states general fund |
| Suit to Quiet Title | A court action intended to establish or settle the title to a particular property, especially when there is a cloud on the title |
| Title Insurance Policy | A policy insuring the owner or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than the encumbrances, defects, and matters specifically excluded by the policy |
| Uniform Settlement Statement (HUD-1) | Required to be furnished to buyer and seller |
Created by:
MAK89
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